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Cigna may possibly be the most recognized name in the health insurance industry. However, they also provide life insurance through their subsidiary, Loyal American Life Insurance Company. This review will focus specifically on the Cigna burial insurance plan. Their plan is a final expense policy designed to cover burial and final expenses.
Before buying burial insurance, you’ll want to know the financial strength of the company, the product features they provide, their financial strength, and life insurance company rating from A.M. Best. Today, we’ll go over all of that and more with our Cigna Burial Insurance Review. Let’s get started!
Loyal American Life Insurance Company
Review Summary
Cigna and their subsidiary Loyal American Life Insurance Company provide life insurance shoppers 2 burial insurance plans. They don't offer Term Life, but depending on your health, you can purchase their Level Benefit or Modified Benefit plans.
About Cigna Life Insurance
Cigna was founded in 1982 when INA Corporation and Connecticut General Life Insurance Company (CG) merged together. Mostly known for health insurance, Cigna sells a variety of insurance products. They offer Medicare, accident, dental, disability, and life insurance through their subsidiaries.
About Loyal American Life Insurance Company
Founded in 1955, Loyal American Life Insurance Company is a subsidiary of Cigna. Based out of Austin, Texas, Loyal American sells life insurance and Medicare insurance products.
A.M. Best Rating
=
A
A.M. Best rates Loyal American as: EXCELLENT
A.M. Best is the only global credit rating agency with a specific focus on the life insurance industry. They are the gold standard for grading and finding the best burial insurance companies. Loyal American and Cigna are rated A (Excellent) by A.M. Best.
Products
Loyal American and Cigna sell 2 final expense policies: Level and Modified.
Product Name: Level Benefit
The Level Benefit plan is an individual whole life insurance policy.
Product basics:
The Cigna Final Expense Level Benefit plan provides day 1 coverage and there is no waiting period. Your monthly premiums will not increase and your death benefit will not decrease. This means the the premiums and the death benefit will never change as long as you have paid your premiums.
Cigna provides a 5% spousal discount on premiums if a husband and wife put in their applications at the same time. This discount will be applied to the younger spouse.
Face Amounts:
- $2,000 to $25,000
Issue Ages:
- Ages 50 to 85 years old
Application:
e-App through Express App on carrier website and paper application.
Age Last or Age Nearest:
Your premium is based on the age of your last birthday.
Product Availability:
Available in all states except FL, MT, NY
Health Conditions:
- Diabetics: If diagnosed prior to the age of 30 or diabetes requiring more than 50 units of insulin to control, or suffered complications from diabetes, modified benefit plan only
- COPD: Oxygen use in the last 2 years, not eligible; Diagnosis or treatment in the last 24 months, modified death benefit
- Cancer: Diagnosis or treatment within 12 months, not eligible; Within 4 years, modified death benefit
- Heart Attack: People with a history of heart attack within 2 years of the attack are not eligible; Over 2 years, level death benefit.
What we like about the Level Benefit Plan
There are several benefits and life insurance riders with Cigna’s Level Benefit plan:
- 5% spousal discount
- Immediate coverage (no waiting periods)
- Accelerated Death Benefit Rider (No additional cost)
- Accidental Death Benefit Rider (Additional cost)
- No height/weight chart
- No annual policy fee
- Fast approvals: Can be issued in 3 to 5 days
What we don't like
Like anything you purchase, there are some drawbacks.
- More expensive than some other companies although Cigna is very competitive (scroll down to see rates).
- You have to qualify medically. Not all health conditions will allow you to qualify for these plans.
Product Name: Modified Benefit
The Modified Benefit plan is offered to shoppers who can’t qualify medically for Level Benefit plans. This is typically the option people take who have significant health conditions and are limited with their coverage options.
Product basics:
The Cigna Modified Benefit plan is not a guaranteed issue life insurance policy. You will still need to qualify by answering some health questions (see below). There is a waiting period before the entire death benefit is available to you. This is called a Graded Death Benefit. Cigna’s waiting period is 2 years.
Here is how their Graded Death benefit works:
- Death in years 1 or 2: All paid premiums plus 10% are paid back to you by Loyal American.
- Death in year 3 and beyond: 100% of the death benefit is paid.
Face Amounts:
- $2,000 to $25,000
Issue Ages:
- Ages 50 to 85 years old
Application:
e-App through Express App on carrier website and paper application.
Age Last or Age Nearest:
Your premium is based on the age of your last birthday.
Product Availability:
Available in all states except FL, MT, NY
Health Conditions:
- Diabetics: Diagnosed before age of 30, or suffered complications from diabetes, or diabetes requires more than 50 units of insulin to control, modified benefit plan only
- COPD: Diagnosis or treatment in the last 24 months, modified death benefit; Oxygen use in the last 2 years, not eligible
- Cancer: Between 12 months and 4 years for cancer, except skin cancer.
- Heart Attack: People with a history of heart attack within 2 years of the attack are not eligible
- Within past 2 years: For emphysema, COPD, chronic bronchitis, stroke or TIA, MS, Parkinson’s, kidney disease other than infection or kidney stones.
- Within past 12 months: Alcoholism, alcohol abuse, drug or substance abuse treatment, counseling or recommendation to seek treatment.
What we like about the Modified Benefit Plan
- 5% spousal discount
- Immediate coverage for accidental deaths
- No height/weight chart
- No annual policy fee
What we don't like
Like anything you purchase, there are some drawbacks.
- 2 year waiting period
- Still need to answer health questions and qualify for the Modified Plan even with Graded Benefit
How To Qualify for Cigna Life Insurance
Let’s look at the health questions you’ll need to answer to qualify for either the Level Benefit or the Modified Benefit plan.
- Questions 1–7: “Yes” answer to any question = Declined
- Questions 8–11 “Yes” answer to any question = Modified Benefit Plan coverage issued
- “No” answer to all questions = Level Benefit Plan coverage issued
Thinking about getting the Cigna Modified Benefit plan? You probably can get a better deal! Their Modified Plan can usually be beat by the competition. If you only qualify for this plan then you need to shop elsewhere. A better plan and a lower rate is possible when shopping around.
Cigna Life Insurance Rates
We calculated some sample non tobacco quotes below for you to get an idea of what a $10,000 final expense policy will cost from Cigna and the competition. All monthly rates are rounded to the nearest dollar and based on qualifying for a Cigna’s Level Benefit plans.
$10,000 Final Expense Quotes for Men
| Company | Age 50 | Age 60 | Age 70 | Age 80 |
|---|---|---|---|---|
| Loyal American (Cigna) | $31 | $47 | $78 | $139 |
| Americo Eagle Premier | $38 | $49 | $83 | $166 |
| Americo Ultra Protector I | $32 | $44 | $73 | $146 |
| Americo Ultra Protector II | $49 | $75 | $126 | $233 |
| Aetna | $36 | $46 | $71 | $132 |
| Assurity | $29 | $42 | $73 | $156 |
| Mutual of Omaha | $29 | $43 | $74 | $133 |
| Liberty Bankers Life | $31 | $46 | $73 | $147 |
| American Amicable | $31 | $46 | $77 | $151 |
| United Home Life | $31 | $45 | $75 | $139 |
| Transamerica | $31 | $44 | $75 | $140 |
| Foresters | $32 | $45 | $73 | $216 |
$10,000 Final Expense Quotes for Women
| Company | Age 50 | Age 60 | Age 70 | Age 80 |
|---|---|---|---|---|
| Loyal American (Cigna) | $22 | $35 | $61 | $108 |
| Americo Eagle Premier | $32 | $38 | $61 | $129 |
| Americo Ultra Protector II | $37 | $54 | $82 | $168 |
| Aetna | $33 | $39 | $56 | $106 |
| Assurity | $25 | $35 | $56 | $114 |
| Mutual of Omaha | $25 | $33 | $53 | $98 |
| Americo | $25 | $34 | $53 | $113 |
| Liberty Bankers Life | $26 | $35 | $55 | $109 |
| American-Amicable | $26 | $37 | $59 | $110 |
| United Home Life | $26 | $35 | $73 | $142 |
| Transamerica | $25 | $34 | $72 | $104 |
| Foresters | $26 | $35 | $83 | $111 |
Related: Check out the competition with our whole life insurance rates by age chart
Will Cigna give you the best rate?
Will Cigna give you the best rate or someone else like AARP or Americo? If you want to make sure you’re getting the best life insurance policy available, here’s what you need to do…
Step 1
Do This Now
Start by getting instant final expense quotes. You’ll see our instant life insurance calculator where you will compare rates from dozens of the top companies.
Nothing too complicated, it just needs the basics about what you’re wanting, how much coverage, for how long, etc. That way we can understand your situation before we can help you.
Complete the calculator details as accurately as possible, and be absolutely sure your contact information is correct so we can reach you.
Step 2
Here's what will happen next
Once you’ve filled out the calculator, one of our licensed life insurance agents will reach out to you to provide you all your options and plan out who will provide you the best rate based on your specific health and lifestyle.
All of the recommendations will be based off of the details you provide. It’s very important that you’re honest and answer your agent’s questions accurately.
This is where we really begin working to figure out exactly which company will get you the best rate, and how to make it happen. If Americo is the best option, great! Just know that there are over 40 top life insurance companies to choose from. This allows you the chance to save hundreds or even thousands of dollars over the course of your policy.
The Bottom Line
Buying a final expense from Cigna may or may not be a good choice. Like most people, it will depend on your age, health and goals for coverage. Just know that Cigna is a financially strong company with an “A” (Excellent) rating from A.M. Best. And is competitively priced for some people, but a better deal is possible for others.
The big question is if Cigna is the best company for you. Give us a call today and speak directly with your dedicated and licensed Life Insurance Blog agent.
If you’re not sure where to begin, give us a call. Our agents provide a free, no-pressure, educational approach to life insurance. We’ll compare dozens of the top companies in minutes to show you your most affordable options.
Cigna Life Insurance Company
Name(s): Cigna Life Insurance Company, Loyal American Life Insurance Company
Address:
PO Box 26580
Austin, TX 7875
Phone: 866-459-4272
Website: www.loyalamerican.com/
Ratings: A.M. Best (A), Standard & Poor’s (AA-), Fitch (A+), Comdex (N/A), Moody’s (A1)
